The Band's Story

Expensive Pencil have received a great deal of media attention over the years. Recently, this has centred on their decision to set up as a co-operative.

The band had often felt frustrated by the interference of suit wearing, cigar smoking record company bosses. Rocky felt they stifled his creativity but Joe's main problem was with the priorities of the Bosses themselves. The executive fat cats would secure their jobs, and fat bonuses to boot, by making sure the shareholders always made a profit. In the company, shareholders' dividends were more important than the wishes of the band. Expensive pencil however, had been founded on rock! (pun intended) and for the benefit of the fans, not shareholders. This was the major reason for The Pencil's change of business status.

The final straw came with record company boss, Clare Fromage's decision to cancel the 'Sniff the Mitten' album and promotional tour on the grounds that the venture would be "commercially unviable" She thought that the band would be "uncompetitive in the modern market place" without a radical, 21st Century make-over. Following a heated meeting with record company executives at the bands headquarters (above the chippy, Drizleton High Street) they decided the time had come to go it alone!

Various forms of business ownership were discussed. Rocky was very much in favour of him becoming a sole trader with the rest of the band being employed by him on short term contracts. This was overruled (largely by Dougie's fists). Joe suggested a partnership with each member to become a partner but Dougie Douglas was very much against this idea!

It turns out that before the days of The Pencils, Dougie had been a partner in an Armour making business that went bust. His partner had run up huge debts to pay for his gambling habit and then ran off with the daughter of the Scrap Iron Merchant. Dougie was left with his reputation in tatters, the business destroyed and huge liabilities to pay. The band were amazed to discover that Dougie had been a relatively light drinker before all this had happened!

The option they eventually settled on was put forward by Damian. That was to become a co-operative. Everyone would be equal and the band would exist to benefit its members. Additional profits could even be given back to the Rock community or to the fans in the form of cheaper albums and more gigs.

Initially they had trouble convincing a bank to lend them some money to buy their own equipment. This can be a problem for some co-operatives as there is not one leader to take responsibility if things go wrong. This was only overcome when in a fit of desperation the band burst into an accapella version of 'Seventh Heaven'. The bank manager, having been moved to tears by the soulful harmonies, handed over the cash there and then.